Marketable Securities

12 Months Ended

Jun. 30, 2013

Marketable Securities

Marketable Securities

4. Marketable Securities

The fair value of the Company’s marketable securities was based on quoted market prices or estimates of fair value as of June 30, 2013 and 2012. The following is a summary of marketable securities, all of which were classified as available-for-sale as of June 30, 2013 and 2012:

June 30, 2013			Unrealized			Estimated
($ in millions)	Cost		Losses			Fair Value
Non-current
Municipal auction rate securities	$	5.9	$	(0.5	)	$	5.4

June 30, 2012			Unrealized			Estimated
($ in millions)	Cost		Losses			Fair Value
Non-current
Municipal auction rate securities	$	6.0	$	(1.0	)	$	5.0

For the fiscal years ended June 30, 2013, 2012 and 2011, proceeds from sales and maturities of marketable securities were $0.1 million, $30.5 million and $166.0 million, respectively.

Municipal Auction Rate Securities

As of June 30, 2013 and June 30, 2012, the Company’s marketable securities included municipal auction rate securities with a par value of $5.9 million and $6.0 million, respectively. The municipal auction rate securities are callable at par at the option of the issuer. As of June 30, 2013 and 2012 respectively, the Company recorded $0.5 million and $1.0 million of unrealized losses to reflect the estimated market value of these securities. The Company does not intend to sell the securities and believes that it is more likely than not that the Company will not be required to sell the securities before recovering their costs. The valuation of auction rate securities is subject to uncertainties that are difficult to predict. Factors that impact the valuation of these securities include changes in credit ratings of the securities as well as the underlying assets supporting those securities, rates of default of the underlying assets, underlying collateral value, discount rates, counterparty risk and the ongoing strength and quality of market credit and liquidity. The municipal auction rate securities owned by the Company are of high credit quality and maintain credit enhancements. The Company does not believe that any of the underlying issuers of our municipal auction rate securities are currently at risk of default. The securities have been classified according to their stated maturity dates, which range from 2019 to 2030. Accordingly, the municipal auction rate securities are included in other assets in the accompanying consolidated balance sheets.